Tidewater : Reports Results for the Three and Six Months Ended June 30, 2020

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Tidewater Reports Results for the Three and Six Months Ended June 30, 2020

07/30/2020

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HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2020, of $102.3 million and $218.7 million, respectively compared with $125.9 million and $248.0 million, respectively, for the three months and six months ended June 30, 2019. Tidewater also reported net losses for the three and six months ended June 30, 2020, of $110.6 million ($2.74 per share) and $129.1 million ($3.21 per share), respectively, compared with $16.0 million ($0.42 per share) and $37.7 million ($1.01 per share), respectively, for the three and six months ended June 30, 2019. Included in the net losses for the three and six months ended June 30, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, and general and administrative severance expenses totaling $111.5 million and $121.8 million, respectively. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million ($0.18 per common share). Included in the net losses for the three and six months ended June 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $0.5 million and $4.2 million, respectively. Excluding these costs, net losses for the three and six months ended June 30, 2019 were $15.5 million (or $0.41 per common share) and $33.5 million (or $0.90 per common share), respectively.

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, 'We are pleased that our performance for the quarter was consistent with the revised 2020 outlook we discussed on our last earnings call. The environment remains very challenging but I remain confident that our dedicated team of mariners and shore base employees will continue to perform exceptionally under the circumstances.

'Although investors are aware of the economic difficulties the industry is facing, it is important to highlight an ongoing humanitarian crisis that the entire shipping industry is experiencing. The near complete shutdown of international air travel and of seemingly non-essential governmental services globally, such as visa processing, has resulted in over a quarter million seafarers stranded on all types of vessels around the globe, including Tidewater vessels. We are doing everything in our power to remedy the situation for our seafarers, but the problem demands global governmental coordination. The situation is an inadvertent consequence of policies meant to reduce the spread of COVID-19 by restricting international travel, but it has resulted in the inability to move crews around the world to relieve and to return home crews onboard vessels today. Tidewater has always been dedicated to getting our employees home safe. They remain safe, but we need to get them home.

'Our efforts in the second quarter to quickly realign the business to adjust to the steep decline in offshore activity were successful, but there is more work to do. Consistent with the plan we outlined on the last earnings call, we scaled back our drydock investment, we maintained our focus on the disposal of non-core vessels, we improved cash operating margins, and we continued to reduce the annualized run rate of quarterly general and administrative expense. The third quarter will present additional challenges as we begin to manage the process of putting into layup those vessels that are coming off hire, de-crewing those vessels, and rationalizing our shore base footprint.

'In light of the recent decline in industry activity, we reassessed the value of our vessels globally, and separately our joint ventures in Africa where the impact has been particularly severe. As a result of this assessment, we had non-cash impairments and other charges of $111.5 million during the second quarter.

'There are many heroic stories of individuals rising to the challenge of the current situation, and the mariners and shore base staff at Tidewater are among them. I remain humbled by the resilience, tenacity and steadfast focus of our employees and I thank them for their dedication to seeing Tidewater though these challenging times.'

In addition to the number of outstanding shares, as of June 30, 2020, the company also has the following in the money warrants.

Common shares outstanding		40,335,963
New Creditor Warrants (strike price $0.001 per common share)		817,742
GulfMark Creditor Warrants (strike price $0.01 per common share)		952,154
Total		42,105,859

Tidewater will hold a conference call to discuss results for the three and six months ended June 30, 2020 on Friday, July 31, 2020 at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling [phone] if calling from the U.S. or Canada ([phone] if calling from outside the U.S.) and asking for the 'Tidewater' call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater's website at investor.tdw.com

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on July 31, 2020 and will continue until 11:59 p.m. Central Time on August 31, 2020. To access the replay, visit the Investor Relations section of Tidewater's website at investor.tdw.com

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the 'Risk Factors' section of Tidewater's most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
		Three Months Ended			Six Months Ended
		June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Revenues:
Vessel revenues		$	100,975			$	123,641			$	212,949			$	243,303
Other operating revenues			1,369				2,218				5,763				4,705
Total revenues			102,344				125,859				218,712				248,008
Costs and expenses:
Vessel operating costs			64,774				80,439				143,599				162,642
Costs of other operating revenue			171				586				2,844				1,350
General and administrative			17,597				23,696				39,017				50,836
Depreciation and amortization			28,144				25,038				55,251				47,970
Long-lived asset impairments			55,482				-				65,689				-
Affiliate credit loss impairment expense			53,581				-				53,581
Affiliate guarantee obligation			2,000				-				2,000				-
(Gain) loss on asset dispositions, net			(1,660	)			494				(6,991	)			(776	)
			220,089				130,253				354,990				262,022
Operating loss			(117,745	)			(4,394	)			(136,278	)			(14,014	)
Other income (expense):
Foreign exchange gain (loss)			(2,076	)			11				(1,212	)			(497	)
Equity in net losses of unconsolidated companies			-				95				-				33
Dividend income from unconsolidated company			17,150				-				17,150				-
Interest income and other, net			696				1,859				812				4,329
Interest and other debt costs, net			(5,959	)			(7,582	)			(12,101	)			(15,318	)
			9,811				(5,617	)			4,649				(11,453	)
Loss before income taxes			(107,934	)			(10,011	)			(131,629	)			(25,467	)
Income tax (benefit) expense			2,730				5,542				(2,441	)			11,372
Net loss		$	(110,664	)		$	(15,553	)		$	(129,188	)		$	(36,839	)
Net income (loss) attributable to noncontrolling interests			(41	)			406				(120	)			851
Net loss attributable to Tidewater Inc.		$	(110,623	)		$	(15,959	)		$	(129,068	)		$	(37,690	)
Basic loss per common share		$	(2.74	)		$	(0.42	)		$	(3.21	)		$	(1.01	)
Diluted loss per common share		$	(2.74	)		$	(0.42	)		$	(3.21	)		$	(1.01	)
Weighted average common shares outstanding			40,306				37,571				40,203				37,369
Adjusted weighted average common shares			40,306				37,571				40,203				37,369

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data)
		June 30,				December 31,
ASSETS		2020				2019
Current assets:
Cash and cash equivalents		$	203,119				$	218,290
Restricted cash			19,880					5,755
Trade and other receivables, less allowance for credit losses of $556 as of June 30, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.			115,008					110,180
Due from affiliate, less allowance for credit losses of $71,959 as of June 30, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019			65,766					125,972
Marine operating supplies			20,580					21,856
Assets held for sale			29,064					39,287
Prepaid expenses and other current assets			20,350					15,956
Total current assets			473,767					537,296
Net properties and equipment			839,912					938,961
Deferred drydocking and survey costs			74,585					66,936
Other assets			27,411					36,335
Total assets		$	1,415,675				$	1,579,528
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	17,111				$	27,501
Accrued costs and expenses			60,993					74,000
Due to affiliates			48,803					50,186
Current portion of long-term debt			9,437					9,890
Other current liabilities			25,815					24,100
Total current liabilities			162,159					185,677
Long-term debt			273,215					279,044
Other liabilities and deferred credits			90,301					98,397
Contingencies
Equity:
Common stock			40					40
Additional paid-in-capital			1,369,645					1,367,521
Accumulated deficit			(481,757	)				(352,526	)
Accumulated other comprehensive income (loss)			581					(236	)
Total stockholder's equity			888,509					1,014,799
Noncontrolling interests			1,491					1,611
Total equity			890,000					1,016,410
Total liabilities and equity		$	1,415,675				$	1,579,528

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands)
		Three Months Ended			Six Months Ended
		June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Net loss		$	(110,664	)		$	(15,553	)		$	(129,188	)		$	(36,839	)
Other comprehensive income:
Change in pension plan and supplemental pension plan liability, net of tax of $0.2 million and $0.2 million, respectively			448				-				817				-
Total comprehensive loss		$	(110,216	)		$	(15,553	)		$	(128,371	)		$	(36,839	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
		Six Months			Six Months
		Ended			Ended
		June 30, 2020			June 30, 2019
Operating activities:
Net loss		$	(129,188	)		$	(36,839	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation			34,271				38,582
Amortization of deferred drydocking and survey costs			20,980				9,388
Amortization of debt premiums and discounts			1,357				(1,019	)
Provision (benefit) for deferred income taxes			206				6
Gain on asset dispositions, net			(6,991	)			(776	)
Affiliate credit loss impairment expense			53,581				-
Affiliate guarantee obligation			2,000				-
Long-lived asset impairments			65,689				-
Changes in investments in unconsolidated companies			-				381
Compensation expense - stock based			2,736				9,215
Changes in operating assets and liabilities, net:
Trade and other receivables			(4,991	)			(10,921	)
Changes in due to/from affiliate, net			3,242				15,080
Accounts payable			(10,390	)			(7,769	)
Accrued costs and expenses			(13,007	)			(4,977	)
Cash paid for deferred drydocking and survey costs			(28,964	)			(28,688	)
Other, net			(3,354	)			(2,386	)
Net cash used in operating activities			(12,823	)			(20,723	)
Cash flows from investing activities:
Proceeds from sales of assets			20,906				20,566
Additions to property and equipment			(4,075	)			(8,873	)
Net cash provided by investing activities			16,831				11,693
Cash flows from financing activities:
Principal payments on long-term debt			(4,742	)			(3,792	)
Taxes on share-based awards			(612	)			(1,760	)
Other			-				1
Net cash used in financing activities			(5,354	)			(5,551	)
Net change in cash, cash equivalents and restricted cash			(1,346	)			(14,581	)
Cash, cash equivalents and restricted cash at beginning of period			227,608				397,744
Cash, cash equivalents and restricted cash at end of period (A)		$	226,262			$	383,163
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized		$	10,734			$	16,293
Income taxes		$	6,461			$	7,754
Note (A) Cash, cash equivalents and restricted cash at June 30, 2020 includes $3.3 million in long-term restricted cash.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands)
		Three Months Ended
		Common stock			Additional paid-in capital			Accumulated deficit			Accumulated other comprehensive income (loss)			Non controlling interest			Total
Balance at March 31, 2020		$	40				1,368,325				(371,134	)			133				1,532				998,896
Total comprehensive loss			-				-				(110,623	)			448				(41	)			(110,216	)
Amortization, net of taxes, on share-based awards			-				1,320				-				-				-				1,320
Balance at June 30, 2020		$	40				1,369,645				(481,757	)			581				1,491				890,000
Balance at March 31, 2019		$	37				1,356,436				(232,514	)			2,194				1,532				1,127,685
Total comprehensive loss			-				-				(15,959	)			-				406				(15,553	)
Issuance of common stock from exercise of warrants			1				-				-				-				-				1
Amortization/cancellation of restricted stock units			-				3,406				-				-				-				3,406
Balance at June 30, 2019		$	38				1,359,842				(248,473	)			2,194				1,938				1,115,539
	Six Months Ended
		Common stock			Additional paid-in capital			Accumulated deficit			Accumulated other comprehensive income (loss)			Non controlling interest			Total
Balance at December 31, 2019		$	40				1,367,521				(352,526	)			(236	)			1,611				1,016,410
Total comprehensive loss			-				-				(129,068	)			817				(120	)			(128,371	)
Adoption of credit loss accounting standard			-				-				(163	)			-				-				(163	)
Amortization, net of taxes, on share-based awards			-				2,124				-				-				-				2,124
Balance at June 30, 2020		$	40				1,369,645				(481,757	)			581				1,491				890,000
Balance at December 31, 2018		$	37				1,352,388				(210,783	)			2,194				1,087				1,144,923
Total comprehensive loss			-				-				(37,690	)			-				851				(36,839	)
Issuance of common stock from exercise of warrants			1				1				-				-				-				2
Amortization/cancellation of restricted stock units			-				7,453				-				-				-				7,453
Balance at June 30, 2019		$	38				1,359,842				(248,473	)			2,194				1,938				1,115,539

The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
		Three Months Ended			Six Months Ended
		June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
(In thousands)						%															%							%
Vessel revenues:
Americas		$	34,044				34	%		$	35,199				28	%		$	65,903				31	%		$	70,477				29	%
Middle East/Asia Pacific			23,983				24	%			20,449				17	%			48,811				23	%			40,905				17	%
Europe/Mediterranean			20,620				20	%			35,027				28	%			50,111				24	%			63,585				26	%
West Africa			22,328				22	%			32,966				27	%			48,124				23	%			68,336				28	%
Total vessel revenues		$	100,975				100	%		$	123,641				100	%		$	212,949				100	%		$	243,303				100	%
Vessel operating costs:
Crew costs		$	38,691				38	%		$	47,191				38	%		$	83,178				39	%		$	95,335				39	%
Repair and maintenance			6,656				7	%			10,911				9	%			17,254				8	%			20,612				9	%
Insurance			2,010				2	%			750				1	%			3,795				2	%			2,928				1	%
Fuel, lube and supplies			6,383				6	%			8,451				7	%			16,135				8	%			17,797				7	%
Other			11,034				11	%			13,136				10	%			23,237				11	%			25,970				11	%
Total vessel operating costs			64,774				64	%			80,439				65	%			143,599				67	%			162,642				67	%
Vessel operating margin (A)		$	36,201				36	%		$	43,202				35	%		$	69,350				33	%		$	80,661				33	%
Note (A) Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company's operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
		Three Months Ended			Six Months Ended
		June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
(In thousands)						%							%							%							%
Vessel operating profit (loss):
Americas		$	4,505				4	%		$	2,900				2	%		$	3,341				2	%		$	1,870				1	%
Middle East/Asia Pacific			599				1	%			(2,127	)			(1	%)			(257	)			0	%			(3,289	)			(1	%)
Europe/Mediterranean			(1,750	)			(2	%)			2,824				2	%			(203	)			0	%			(493	)			0	%
West Africa			(3,984	)			(4	%)			3,099				3	%			(8,847	)			(4	%)			11,214				5	%
Other operating profit			1,198				1	%			1,625				1	%			2,919				1	%			3,330				1	%
			568				1	%			8,321				7	%			(3,047	)			(1	%)			12,632				5	%
Corporate expenses (A)			(8,910	)			(9	%)			(12,221	)			(10	%)			(18,952	)			(9	%)			(27,422	)			(11	%)
Gain (loss) on asset dispositions, net			1,660				2	%			(494	)			0	%			6,991				3	%			776				0	%
Affiliate credit loss impairment expense			(53,581	)			(52	%)			-				0	%			(53,581	)			(24	%)			-				0	%
Affiliate guarantee obligation			(2,000	)			(2	%)			-				0	%			(2,000	)			(1	%)			-				0	%
Long-lived asset impairments			(55,482	)			(54	%)			-				0	%			(65,689	)			(30	%)			-				0	%
Operating loss		$	(117,745	)			(115	%)		$	(4,394	)			(3	%)		$	(136,278	)			(62	%)		$	(14,014	)			(6	%)
Note (A) General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2019 includes stock-based compensation of $3.6 million and $9.2 million, respectively. In addition, general and administrative costs for the three months and six ended June 30, 2020 include $0.4 million and $0.6 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and six months ended June 30, 2019 include $0.5 million and $4.2 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA (Unaudited) (In thousands, except per share data)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
Revenues:
Vessel revenues		$	100,975			$	111,974			$	116,539			$	117,173			$	123,641
Other operating revenues			1,369				4,394				2,237				2,592				2,218
Total revenues			102,344				116,368				118,776				119,765				125,859
Costs and expenses:
Vessel operating costs			64,774				78,825				85,935				80,619				80,439
Costs of other operating revenue			171				2,673				916				534				586
General and administrative (A)			17,597				21,420				22,406				30,474				23,696
Depreciation and amortization			28,144				27,107				28,226				25,735				25,038
(Gain) loss on asset dispositions, net			(1,660	)			(5,331	)			(1,217	)			(270	)			494
Affiliate credit loss impairment expense			53,581				-				-				-				-
Affiliate guarantee obligation			2,000				-				-				-				-
Asset impairments and other			55,482				10,207				32,549				5,224				-
Total operating costs and expenses			220,089				134,901				168,815				142,316				130,253
Operating loss			(117,745	)			(18,533	)			(50,039	)			(22,551	)			(4,394	)
Other income (expense):
Foreign exchange gain (loss)			(2,076	)			864				(945	)			173				11
Equity in net (losses) earnings of unconsolidated companies			-				-				(2,717	)			(468	)			95
Dividend income from unconsolidated company			17,150				-				-				-				-
Interest income and other, net			696				116				690				1,579				1,859
Interest and other debt costs, net			(5,959	)			(6,142	)			(6,282	)			(7,468	)			(7,582	)
Total other expense			9,811				(5,162	)			(9,254	)			(6,184	)			(5,617	)
Loss before income taxes			(107,934	)			(23,695	)			(59,293	)			(28,735	)			(10,011	)
Income tax (benefit) expense			2,730				(5,171	)			1,281				15,071				5,542
Net loss		$	(110,664	)		$	(18,524	)		$	(60,574	)		$	(43,806	)		$	(15,553	)
Net income (loss) attributable to noncontrolling interests			(41	)			(79	)			(721	)			394				406
Net loss attributable to Tidewater Inc.		$	(110,623	)		$	(18,445	)		$	(59,853	)		$	(44,200	)		$	(15,959	)
Basic loss per common share		$	(2.74	)		$	(0.46	)		$	(1.52	)		$	(1.15	)		$	(0.42	)
Diluted loss per common share		$	(2.74	)		$	(0.46	)		$	(1.52	)		$	(1.15	)		$	(0.42	)
Weighted average common shares outstanding			40,305,662				40,100,744				39,504,154				38,537,165				37,570,629
Dilutive effect of stock options and restricted stock			-				-				-				-				-
Adjusted weighted average common shares			40,305,662				40,100,744				39,504,154				38,537,165				37,570,629
Vessel operating margin		$	36,201			$	33,149				30,604				36,554				43,202
Note (A) Integration related costs related to the business combination with GulfMark			446				129				2,123				6,293				460
Total	$	446		129	2,123	6,293	460

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		June 30,			March 31,			December 31,			September 30,			June 30,
ASSETS		2020			2020			2019			2019			2019
Current assets:
Cash and cash equivalents		$	203,119				187,802				218,290				359,332				369,549
Restricted cash			19,880				12,461				5,755				3,300				13,614
Trade and other receivables, net			115,008				119,455				110,180				123,133				121,155
Due from affiliate, less allowances			65,766				128,204				125,972				124,757				121,959
Marine operating supplies			20,580				21,944				21,856				21,303				29,141
Assets held for sale			29,064				26,142				39,287				-				-
Prepaid expenses and other current assets			20,350				22,185				15,956				13,116				14,460
Total current assets			473,767				518,193				537,296				644,941				669,878
Investments in, at equity, and advances to unconsolidated companies			-				-				-				-				658
Net properties and equipment			839,912				922,979				938,961				1,022,786				1,041,054
Deferred drydocking and survey costs			74,585				81,981				66,936				49,025				41,029
Other assets			27,411				29,971				36,335				37,269				39,651
Total assets		$	1,415,675				1,553,124				1,579,528				1,754,021				1,792,270
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	17,111				30,711				27,501				23,672				24,170
Accrued costs and expenses			60,993				72,854				74,000				54,792				56,675
Due to affiliates			48,803				50,013				50,186				41,676				39,060
Current portion of long-term debt			9,437				9,104				9,890				9,689				10,002
Other current liabilities			25,815				26,953				24,100				30,024				24,442
Total current liabilities			162,159				189,635				185,677				159,853				154,349
Long-term debt			273,215				273,015				279,044				419,905				424,911
Other liabilities and deferred credits			90,301				91,578				98,397				96,499				97,471
Contingencies
Equity:
Common stock			40				40				40				39				38
Additional paid-in-capital			1,369,645				1,368,325				1,367,521				1,365,872				1,359,842
Accumulated deficit			(481,757	)			(371,134	)			(352,526	)			(292,673	)			(248,473	)
Accumulated other comprehensive income (loss)			581				133				(236	)			2,194				2,194
Total stockholder's equity			888,509				997,364				1,014,799				1,075,432				1,113,601
Noncontrolling interests			1,491				1,532				1,611				2,332				1,938
Total equity			890,000				998,896				1,016,410				1,077,764				1,115,539
Total liabilities and equity		$	1,415,675				1,553,124				1,579,528				1,754,021				1,792,270
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	16,963				64,184				57,771				64,660				66,690
DTDW (Nigeria)			-				14,007				18,015				18,421				16,209
Total	$	16,963	78,191	75,786	83,081	82,899

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	27,858				22,882				22,883				24,575				26,991
Towing-supply			4,455				7,243				8,639				7,831				7,448
Other			1,731				1,734				1,811				741				760
Total		$	34,044				31,859				33,333				33,147				35,199
Middle East/Asia Pacific fleet:
Deepwater		$	14,195				14,326				16,015				14,960				12,130
Towing-supply			9,788				10,502				10,636				7,805				8,319
Total		$	23,983				24,828				26,651				22,765				20,449
Europe/Mediterranean fleet:
Deepwater		$	20,476				29,163				28,652				30,608				34,104
Towing-supply			-				179				528				338				923
Other			144				149				-				-				-
Total		$	20,620				29,491				29,180				30,946				35,027
West Africa fleet:
Deepwater		$	8,748				12,102				14,066				14,923				14,977
Towing-supply			11,029				10,521				9,981				11,598				14,015
Other			2,552				3,173				3,328				3,794				3,974
Total		$	22,329				25,796				27,375				30,315				32,966
Worldwide fleet:
Deepwater		$	71,277				78,473				81,616				85,066				88,202
Towing-supply			25,271				28,445				29,784				27,572				30,705
Other			4,427				5,056				5,139				4,535				4,734
Total		$	100,975				111,974				116,539				117,173				123,641

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			32				32				31				32				34
Towing-supply			15				17				17				17				18
Other			3				3				4				5				6
Total			50				52				52				54				58
Stacked vessels			(17	)			(17	)			(15	)			(17	)			(20	)
Active vessels			33				35				37				37				38
Middle East/Asia Pacific fleet:
Deepwater			26				27				27				26				24
Towing-supply			26				28				28				26				26
Total			52				55				55				52				50
Stacked vessels			(9	)			(10	)			(10	)			(11	)			(9	)
Active vessels			43				45				44				41				41
Europe/Mediterranean fleet:
Deepwater			36				39				42				42				44
Towing-supply			1				2				3				3				3
Total			37				41				45				45				47
Stacked vessels			(17	)			(11	)			(15	)			(13	)			(13	)
Active vessels			20				30				30				32				34
West Africa fleet:
Deepwater			26				26				27				29				30
Towing-supply			18				19				19				20				22
Other			19				20				21				21				21
Total			63				65				67				70				73
Stacked vessels			(21	)			(21	)			(22	)			(22	)			(23	)
Active vessels			42				44				45				48				50
Worldwide fleet:
Deepwater			120				124				126				129				132
Towing-supply			60				66				68				66				69
Other			22				23				25				26				27
Total			202				213				219				221				228
Stacked vessels			(64	)			(60	)			(62	)			(63	)			(65	)
Active vessels			138				153				157				158				163
Total active			138				153				157				158				163
Total stacked			64				60				62				63				65
Total joint venture and other vessels			3				3				4				4				4
Total			205				216				223				225				232

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			2,940				2,873				2,852				2,932				3,112
Towing-supply			1,329				1,547				1,580				1,552				1,638
Other			273				285				368				460				484
Total			4,542				4,705				4,800				4,944				5,234
Middle East/Asia Pacific fleet:
Deepwater			2,411				2,496				2,453				2,370				2,184
Towing-supply			2,342				2,512				2,576				2,392				2,369
Total			4,753				5,008				5,029				4,762				4,553
Europe/Mediterranean fleet:
Deepwater			3,256				3,581				3,848				3,874				4,024
Towing-supply			91				122				276				276				273
Total			3,347				3,703				4,124				4,150				4,297
West Africa fleet:
Deepwater			2,366				2,366				2,439				2,723				2,730
Towing-supply			1,654				1,729				1,779				1,840				1,974
Other			1,698				1,820				1,932				1,932				1,976
Total			5,718				5,915				6,150				6,495				6,680
Worldwide fleet:
Deepwater			10,973				11,316				11,592				11,899				12,050
Towing-supply			5,416				5,910				6,211				6,060				6,254
Other			1,971				2,105				2,300				2,392				2,460
Total			18,360				19,331				20,103				20,351				20,764

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			863				873				656				723				798
Towing-supply			601				593				568				632				728
Other			91				103				184				184				241
Total			1,555				1,569				1,408				1,539				1,767
Middle East/Asia Pacific fleet:
Deepwater			500				546				552				552				494
Towing-supply			310				396				399				460				303
Total			810				942				951				1,012				797
Europe/Mediterranean fleet:
Deepwater			1,422				1,004				1,196				1,104				1,092
Towing-supply			91				-				153				92				91
Total			1,513				1,004				1,349				1,196				1,183
West Africa fleet:
Deepwater			919				819				766				768				698
Towing-supply			563				469				583				552				700
Other			446				637				643				736				689
Total			1,928				1,925				1,992				2,056				2,087
Worldwide fleet:
Deepwater			3,704				3,242				3,170				3,147				3,082
Towing-supply			1,565				1,458				1,703				1,736				1,822
Other			537				740				827				920				930
Total			5,806				5,440				5,700				5,803				5,834

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
Deepwater			2,077				2,000				2,196				2,209				2,314
Towing-supply			728				954				1,012				920				910
Other			182				182				184				276				243
Total			2,987				3,136				3,392				3,405				3,467
Middle East/Asia Pacific fleet:
Deepwater			1,911				1,950				1,901				1,818				1,690
Towing-supply			2,032				2,116				2,177				1,932				2,066
Total			3,943				4,066				4,078				3,750				3,756
Europe/Mediterranean fleet:
Deepwater			1,834				2,577				2,652				2,770				2,932
Towing-supply			-				122				123				184				182
Total			1,834				2,699				2,775				2,954				3,114
West Africa fleet:
Deepwater			1,447				1,547				1,673				1,955				2,032
Towing-supply			1,091				1,260				1,196				1,288				1,274
Other			1,252				1,183				1,289				1,196				1,287
Total			3,790				3,990				4,158				4,439				4,593
Worldwide fleet:
Deepwater			7,269				8,074				8,422				8,752				8,968
Towing-supply			3,851				4,452				4,508				4,324				4,432
Other			1,434				1,365				1,473				1,472				1,530
Total			12,554				13,891				14,403				14,548				14,930

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
UTILIZATION - TOTAL FLEET:
Americas fleet:
Deepwater			64.3	%			57.7	%			61.7	%			64.5	%			65.8	%
Towing-supply		43.5				54.9				58.6				53.1				43.5
Other		65.2				63.1				50.0				21.0				19.0
Total			58.3	%			57.1	%			59.8	%			56.9	%			54.5	%
Middle East/Asia Pacific fleet:
Deepwater			57.9	%			56.8	%			66.7	%			65.4	%			62.1	%
Towing-supply		68.2				69.2				70.0			61.7			61.1
Total			63.0	%			63.0	%			68.4	%			63.6	%			61.6	%
Europe/Mediterranean fleet:
Deepwater			49.9	%			64.2	%			60.0	%			64.0	%			63.0	%
Towing-supply			-				46.7			31.6			24.5			56.9
Total			48.6	%			63.6	%			58.1	%			61.4	%			62.7	%
West Africa fleet:
Deepwater			31.1	%			41.5	%			46.9	%			50.6	%			51.7	%
Towing-supply		41.3				45.5				43.8				46.3				50.3
Other		39.2				51.5				56.6				55.6				55.1
Total			36.5	%			45.7	%			49.1	%			50.9	%			52.3	%
Worldwide fleet:
Deepwater			51.5	%			56.2	%			59.1	%			61.4	%			61.0	%
Towing-supply		52.8				58.0				57.9				53.1				52.9
Other		42.8				53.1				55.6				49.0				48.0
Total			50.9	%			56.4	%			58.3	%			57.5	%			57.0	%

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
UTILIZATION - ACTIVE FLEET:
Americas fleet:
Deepwater			91.0	%			72.8	%			80.1	%			85.7	%			88.4	%
Towing-supply		79.4				89.0				91.4				89.6				78.4
Other		97.8				98.8				100.0				35.0				37.9
Total			88.6	%			85.7	%			84.6	%			82.6	%			82.3	%
Middle East/Asia Pacific fleet:
Deepwater			73.1	%			72.8	%			86.1	%			85.3	%			80.3	%
Towing-supply		78.6				82.2				82.9			76.4			70.1
Total			75.9	%			77.7	%			84.4	%			80.7	%			74.7	%
Europe/Mediterranean fleet:
Deepwater			88.6	%			89.2	%			87.1	%			89.5	%			86.5	%
Towing-supply			-				46.7			70.9			36.8			85.3
Total			88.6	%			87.3	%			86.4	%			86.3	%			86.5	%
West Africa fleet:
Deepwater			50.9	%			63.4	%			68.3	%			70.5	%			69.4	%
Towing-supply			62.6				62.4				65.1				66.1				77.9
Other			53.2				79.2				84.9				89.9				84.6
Total			55.0	%			67.8	%			72.5	%			74.4	%			76.0	%
Worldwide fleet:
Deepwater			77.7	%			78.8	%			81.3	%			83.4	%			82.0	%
Towing-supply			74.2				77.0				79.8				74.5				74.7
Other			58.9				81.9				86.8				79.6				77.2
Total			74.5	%			78.5	%			81.4	%			80.4	%			79.3	%

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
Deepwater			14,738				13,793				13,001				12,986				13,186
Towing-supply			7,707				8,532				9,337				9,504				10,442
Other			9,723				9,638				9,838				7,674				8,259
Total			12,865				11,854				11,617				11,783				12,341
Middle East/Asia Pacific fleet:
Deepwater			10,161				10,097				9,784				9,648				8,942
Towing-supply			6,128				6,041				5,897				5,285				5,747
Total			8,009				7,863				7,746				7,520				7,293
Europe/Mediterranean fleet:
Deepwater			12,600				12,682				12,336				12,342				13,443
Towing-supply			-				3,138				6,055				4,995				5,941
Total			12,689				12,514				12,171				12,147				13,010
West Africa fleet:
Deepwater			11,891				12,337				12,304				10,827				10,615
Towing-supply			16,158				13,389				12,810				13,628				14,115
Other			3,829				3,384				3,041				3,530				3,650
Total			10,711				9,539				9,075				9,174				9,439
Worldwide fleet:
Deepwater			12,620				12,342				11,892				11,651				11,998
Towing-supply			8,843				8,292				8,284				8,564				9,279
Other			5,243				4,524				4,137				3,871				4,009
Total			10,799				10,267				9,940				10,021				10,442
Note (A) Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,				December 31,			September 30,			June 30,
		2020			2020				2019			2019			2019
Americas
Vessel revenues		$	34,044				31,859					33,333				33,147				35,199
Vessel operating costs:
Crew costs		$	13,138				14,186					15,307				15,108				16,008
Repair and maintenance			1,703				2,171					3,067				3,061				2,328
Insurance			427				417					299				305				(1,118	)
Fuel, lube and supplies			1,373				2,615					1,853				1,919				2,115
Other			1,956				2,673					4,082				2,461				2,772
Total vessel operating costs		$	18,597				22,062					24,608				22,854				22,105
Vessel operating margin ($)		$	15,447				9,797					8,726				10,293				13,094
Vessel operating margin (%)			45.4	%			30.8	%				26.2	%			31.1	%			37.2	%
Americas - Select operating statistics
Average vessels - Total fleet		50				52					52				54				58
Utilization - Total fleet			58.3	%			57.1	%				59.8	%			56.9	%			54.5	%
Average vessels - Active fleet		33				35					37				37				38
Utilization - Active fleet			88.6	%			85.7	%				84.6	%			82.6	%			82.3	%
Average day rates		$	12,865				11,854					11,617				11,783				12,341
Vessels commencing drydocks			-				5					1				4				6
Cash paid for deferred drydocking and survey costs		$	1,819				5,912					5,381				5,368				6,637
Deferred drydocking and survey costs - beginning balance		$	21,599				18,561					15,678				12,154				8,463
Cash paid for deferred drydocking and survey costs			1,819				5,912					5,381				5,368				6,637
Amortization of deferred drydocking and survey costs			(3,394	)			(2,874	)				(2,498	)			(1,964	)			(1,228	)
Disposals, intersegment transfers and other			-				-					-				120				(1,718	)
Deferred drydocking and survey costs - ending balance		$	20,024				21,599					18,561				15,678				12,154

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,				December 31,			September 30,			June 30,
		2020			2020				2019			2019			2019
Middle East/Asia Pacific
Vessel revenues		$	23,983				24,828					26,651				22,765				20,449
Vessel operating costs:
Crew costs		$	8,726				10,085					10,308				9,243				8,986
Repair and maintenance			2,196				2,586					3,838				2,317				1,673
Insurance			739				591					790				358				186
Fuel, lube and supplies			1,405				2,665					1,937				2,431				2,350
Other			2,412				1,696					2,864				1,318				1,844
Total vessel operating costs		$	15,478				17,623					19,737				15,667				15,039
Vessel operating margin ($)		$	8,505				7,205					6,913				7,100				5,410
Vessel operating margin (%)			35.5	%			29.0	%				25.9	%			31.2	%			26.5	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		52				55					55				52				50
Utilization - Total fleet			63.0	%			63.0	%				68.4	%			63.6	%			61.6	%
Average vessels - Active fleet		43				45					44				41				41
Utilization - Active fleet			75.9	%			77.7	%				84.4	%			80.7	%			74.7	%
Average day rates		$	8,009				7,863					7,746				7,520				7,293
Vessels commencing drydocks			-				5					3				3				2
Cash paid for deferred drydocking and survey costs		$	850				8,897					6,072				2,269				4,324
Deferred drydocking and survey costs - beginning balance		$	23,139				16,513					12,572				11,961				9,178
Cash paid for deferred drydocking and survey costs			850				8,897					6,072				2,269				4,324
Amortization of deferred drydocking and survey costs			(2,589	)			(2,271	)				(2,131	)			(1,911	)			(1,493	)
Disposals, intersegment transfers and other			(284	)			-					-				253				(48	)
Deferred drydocking and survey costs - ending balance		$	21,116				23,139					16,513				12,572				11,961

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,				December 31,			September 30,			June 30,
		2020			2020				2019			2019			2019
Europe/Mediterranean
Vessel revenues		$	20,620				29,491					29,180				30,946				35,027
Vessel operating costs:
Crew costs		$	9,707				11,696					11,984				12,974				13,001
Repair and maintenance			1,278				3,141					3,617				3,307				3,914
Insurance			420				431					367				503				693
Fuel, lube and supplies			924				1,098					1,808				1,614				1,314
Other			1,547				2,522					2,098				2,658				2,902
Total vessel operating costs		$	13,876				18,888					19,874				21,056				21,824
Vessel operating margin ($)		$	6,744				10,603					9,306				9,890				13,203
Vessel operating margin (%)			32.7	%			36.0	%				31.9	%			32.0	%			37.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		37				41					45				45				47
Utilization - Total fleet			48.6	%			63.6	%				58.1	%			61.4	%			62.7	%
Average vessels - Active fleet		20				30					30				32				34
Utilization - Active fleet			88.6	%			87.3	%				86.4	%			86.3	%			86.5	%
Average day rates		$	12,689				12,514					12,171				12,147				13,010
Vessels commencing drydocks			-				2					3				1				-
Cash paid for deferred drydocking and survey costs		$	517				2,591					3,378				316				3,030
Deferred drydocking and survey costs - beginning balance		$	10,387				9,406					7,379				8,596				5,831
Cash paid for deferred drydocking and survey costs			517				2,591					3,378				316				3,030
Amortization of deferred drydocking and survey costs			(1,710	)			(1,610	)				(1,335	)			(1,160	)			(1,448	)
Disposals, intersegment transfers and other			(51	)			-					(16	)			(373	)			1,183
Deferred drydocking and survey costs - ending balance		$	9,143				10,387					9,406				7,379				8,596

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,				December 31,			September 30,			June 30,
		2020			2020				2019			2019			2019
West Africa
Vessel revenues		$	22,328				25,796					27,375				30,315				32,966
Vessel operating costs:
Crew costs		$	7,120				8,520					8,472				8,868				9,196
Repair and maintenance			1,479				2,700					4,659				3,282				2,996
Insurance			424				346					(282	)			863				989
Fuel, lube and supplies			2,681				3,374					4,184				2,817				2,672
Other			5,119				5,312					4,682				5,214				5,618
Total vessel operating costs		$	16,823				20,252					21,715				21,044				21,471
Vessel operating margin ($)		$	5,505				5,544					5,660				9,271				11,495
Vessel operating margin (%)			24.7	%			21.5	%				20.7	%			30.6	%			34.9	%
West Africa - Select operating statistics
Average vessels - Total fleet		63				65					67				70				73
Utilization - Total fleet			36.5	%			45.7	%				49.1	%			50.9	%			52.3	%
Average vessels - Active fleet		42				44					45				48				50
Utilization - Active fleet			55.0	%			67.8	%				72.5	%			74.4	%			76.0	%
Average day rates		$	10,711				9,539					9,075				9,174				9,439
Vessels commencing drydocks			-				3					1				4				4
Cash paid for deferred drydocking and survey costs		$	911				7,468					11,905				7,060				2,412
Deferred drydocking and survey costs - beginning balance		$	26,856				22,456					13,397				8,318				7,129
Cash paid for deferred drydocking and survey costs			911				7,468					11,905				7,060				2,412
Amortization of deferred drydocking and survey costs			(3,466	)			(3,067	)				(2,846	)			(1,653	)			(1,321	)
Disposals, intersegment transfers and other			-				(1	)				-				(328	)			98
Deferred drydocking and survey costs - ending balance		$	24,301				26,856					22,456				13,397				8,318

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,				December 31,			September 30,			June 30,
		2020			2020				2019			2019			2019
Worldwide
Vessel revenues		$	100,975				111,974					116,539				117,173				123,641
Vessel operating costs:
Crew costs		$	38,691				44,487					46,071				46,193				47,191
Repair and maintenance			6,656				10,598					15,181				11,967				10,911
Insurance			2,010				1,785					1,174				2,027				750
Fuel, lube and supplies			6,383				9,752					9,782				8,781				8,451
Other			11,034				12,203					13,726				11,651				13,136
Total vessel operating costs		$	64,774				78,825					85,934				80,619				80,439
Vessel operating margin ($)		$	36,201				33,149					30,604				36,554				43,202
Vessel operating margin (%)			35.9	%			29.6	%				26.3	%			31.2	%			34.9	%
Worldwide - Select operating statistics
Average vessels - Total fleet		202				213					219				220				228
Utilization - Total fleet			50.9	%			56.4	%				58.3	%			57.5	%			57.0	%
Average vessels - Active fleet		138				153					157				158				163
Utilization - Active fleet			74.5	%			78.5	%				81.4	%			80.4	%			79.3	%
Average day rates		$	10,799				10,267					9,940				10,021				10,442
Vessels commencing drydocks			-				15					8				12				12
Cash paid for deferred drydocking and survey costs		$	4,097				24,868					26,736				15,013				16,403
Deferred drydocking and survey costs - beginning balance		$	81,981				66,936					49,026				41,029				30,601
Cash paid for deferred drydocking and survey costs			4,097				24,868					26,736				15,013				16,403
Amortization of deferred drydocking and survey costs			(11,159	)			(9,822	)				(8,810	)			(6,688	)			(5,490	)
Disposals, intersegment transfers and other			(335	)			(1	)				(16	)			(328	)			(485	)
Deferred drydocking and survey costs - ending balance		$	74,584				81,981					66,936				49,026				41,029

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
Net loss		$	(110,664	)			(18,524	)			(60,574	)			(43,806	)			(15,553	)
Interest and other debt costs			5,959				6,142				6,282				7,468				7,582
Income tax (benefit) expense			2,730				(5,171	)			1,281				15,071				5,542
Depreciation			16,986				17,285				19,416				19,047				19,548
Amortization of deferred drydocking and survey costs			11,158				9,822				8,810				6,688				5,490
EBITDA (A), (B), (C)		$	(73,831	)			9,554				(24,785	)			4,468				22,609
Long-lived asset impairments			55,482				10,207				32,549				5,224				-
Affiliate credit loss impairment expense			53,581
Affiliate guarantee obligation			2,000				-				-				-				-
One-time charges			446				129				2,123				6,293				460
Adjusted EBITDA (A), (B), (C)			37,678				19,890				9,887				15,985				23,069
Note (A) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.
Note (B) EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019 includes non-cash, stock-based compensation expense of $1,401, $1,335, $2,972, $7,384, and $3,588, respectively.
Note (C) EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019 includes foreign exchange gains (losses) of $(2,076), $864, $(945), $173, and $11, respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
Net cash provided by (used in) operating activities (A)		$	14,702				(27,525	)			5,281				(15,981	)			(17,566	)
Cash interest expense			5,292				5,442				8,205				8,189				7,974
Interest income and other			(696	)			(116	)			(690	)			(1,579	)			(1,859	)
Additions to property and equipment			(1,626	)			(2,449	)			(4,067	)			(5,058	)			(5,757	)
Free cash flow before proceeds from asset sales		$	17,672				(24,648	)			8,729				(14,429	)			(17,208	)
Proceeds from asset sales			11,454				9,452				3,755				4,526				10,915
Free cash flow		$	29,126				(15,196	)			12,484				(9,903	)			(6,293	)
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A) Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2020			2020			2019			2019			2019
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(10,373	)			(18,127	)			32,826				4,502				(14,169	)
Cash paid for deferred drydocking and survey costs			(4,097	)			(24,867	)			(26,736	)			(15,013	)			(16,403	)
Total sources (uses) of cash for changes in assets and liabilities		$	(14,470	)			(42,994	)			6,090				(10,511	)			(30,572	)

View source version on businesswire.com:https://www.businesswire.com/news/home/20200730006061/en/

Tidewater Inc.
Jason Stanley
Vice President,
Investor Relations and Marketing
713-470-5300

SOURCE: Tidewater Inc.

Source: Tidewater Inc.

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